Ron Paul Schools Bernanke and Congress → Washingtons Blog
Ron Paul Schools Bernanke and Congress - Washingtons Blog

Thursday, February 26, 2009

Ron Paul Schools Bernanke and Congress

Ron Paul schooled Bernanke and Congress this week on some basic economic principles. Here are some of his best quotes:

You can't reinflate the bubble!

If we think we can patch up a system that has failed, it's not going to work.

We have a total misunderstanding of what credit is, versus capital. Capital can't come from the thin-air creation by a Federal Reserve system, capital has to come from savings. We work hard, produce, live within our means, and what is leftover is called capital. This whole idea that we can 're-capitalize' markets by merely turning on the printing presses and increasing credit is a total fallacy.

The Federal Reserve is the culprit!


  1. Ron Paul is at least partially correct. We can't return to the bubble economy and the geometric expansion of credit largely based on thin air. The American people owe far more than they are able to pay even in a normal economy. That has to stop.

    However, there is no way we are going to be able to work any harder than we already are (particularly since our jobs are overseas), nor can we live within our means while we face enormous debt repayments, and certainly savings are not going to increase sufficiently to re-capitalize the markets any time soon. Something has to be done, and I don't hear any new ideas from Ron Paul.

  2. I have to agree.

    Although I strongly disagree with what solutions they’ve sudo-implemented now, I’m left to wonder what alternatives do they have? What politician is going to walk out and say, “It’s over folks: Banks are insolvent. Pension funds are insolvent. All levels of government are insolvent. House values will probably drop another 50%. You’ve spent too much money and you’re insolvent. America is broke. The market will likely drop another 30 to 50% tomorrow because I’ve said the truth. Credit will freeze up more which means grocers can’t by food, retailers can’t buy supplies. The dollar will soon be worthless as the governments only solution is to print a crap load of dollars to pay for the two wars we have now and the new civil war we’ll have tomorrow. Best luck. God bless America.”

    Ok, perhaps they wouldn’t say it exactly like that. But, seriously, what choice do they have? They have to pussy foot their way around the political sound bytes and play stupid cat and mouse games. The truth is painful. And they won’t admit to the truth until it is so obviously that their own mothers kick them in the head and tell them to shut the f up.

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